Guarding the future of your business

May 19, 2020
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The world is heaving a collective sigh of impatience to get back to work and get the wheels if commerce rolling again. 

Leadership will have to guard against the temptation to resume business as usual. The workplace has changed and we will have to adapt or die. 

According to  lmc123.com, these are the biggest challenges facing business in 2020:

Data protection

In the past few years, there has been a shift in data protection, putting much of the responsibility on businesses. Cybersecurity will be the key to securing your business assets.

Staying innovative

Businesses are nervous about taking risks in the current economic climate, but innovation is important to keep your business relevant in today’s world.

Embracing the use of big data, creating more flexible work environments and encouraging the use of idea management are all ways in which you can innovate while still taking small steps at first.

Automation of jobs

Automation will affect about 3% of jobs globally in 2020. However, within the next 10 to 15 years, that percentage could rise significantly as machines become capable of autonomy, so it’s something that all industries need to think about.

Global workforces

A study by Upwork predicted that nearly 75% of teams across the world will have remote workers in the next decade, which could mean major cultural shifts. If remote work becomes the norm, there are a number of advantages to your business, including:

– A much larger pool of candidates to fill roles
– Potential salary savings as workers aren’t paying to commute
– Increasing employee productivity
– Boost in employee happiness

We have witnessed remote working get a massive boost this year and to a large extent, many of those jobs that can be done from home will be. Twitter announced only a week ago that staff can continue to work from home permanently. 

Political changes

An uncertain political climate can often impact business, as it can lead to fluctuations in the economy that can affect things like consumer spending. It’s important for business leaders to keep up to date with changes in the political landscape and react accordingly, which will allow you to plan for your future.

In today’s fast-paced, globally-connected world, business executives need to be as vigilant as ever if they hope to be prepared to handle these challenges.

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